Rumored Warren Role in New Consumer Financial Protection Bureau Is Welcome News

For Immediate Release

Rumored Warren Role in New Consumer Financial Protection Bureau Is Welcome News

Statement of David Arkush, Director, Public Citizen’s Congress Watch Division

WASHINGTON - Reports that President Barack Obama will give Elizabeth Warren a
major role in establishing the new Consumer Financial Protection Bureau
are welcome news. Warren offers the promise of what financial consumers
need most – a tough advocate to clean up an industry that has made
unfairness and deception its core business model.

The details of the post are unclear, but early indications are positive.
Warren would serve as an assistant to the president and a special
advisor to Treasury Secretary Timothy Geithner. It is important that
Warren answer directly to the president and have his ear, not merely
work within the Treasury Department.

We are disappointed that the president has not nominated Warren to
direct the agency. It is understandable that some might view
confirmation as difficult at present, given Senate Republicans’
persistent and arbitrary obstruction of so many nominees. But Warren is
confirmable, and a fight over her confirmation is worth having. The big
banks and their supporters in the Senate would be foolish to oppose her
with the American public watching. Warren would emerge from the fight
not only confirmed, but even better known and therefore strengthened as a
national champion for consumers. We urge President Obama to nominate
her.

Note: Public Citizen launched a petition drive urging Obama to
nominate Warren to run the new consumer financial protection agency.
Last month, we delivered more than 15,000 signatures to the White House.

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Public Citizen is a national, nonprofit consumer advocacy organization founded in 1971 to represent consumer interests in Congress, the executive branch and the courts.

Further

Lord, what would John Lennon have made of the Trump monster? Marking Thursday's 36th anniversary of Lennon's murder, Yoko Ono posted a plea for gun control, calling his death "a hollowing experience" and pleading, "Together, let's bring back America, the green land of Peace." With so many seeking solace in these ugly times, mourns one fan, "Oh John, you really should be here." Lennon conceded then, and likely would now, "Reality leaves a lot to the imagination."